Rexford Industrial Realty (NYSE:REXR) Shares Gap Down to $50.57

Rexford Industrial Realty, Inc. (NYSE:REXR) shares gapped down prior to trading on Tuesday . The stock had previously closed at $50.57, but opened at $49.00. Rexford Industrial Realty shares last traded at $48.67, with a volume of 514,929 shares changing hands.

Analysts Set New Price Targets

Several analysts have issued reports on REXR shares. Truist Financial dropped their price target on Rexford Industrial Realty from $61.00 to $57.00 and set a “buy” rating on the stock in a research note on Thursday, February 15th. Barclays started coverage on Rexford Industrial Realty in a research report on Wednesday. They set an “underweight” rating and a $45.00 price target on the stock. TheStreet upgraded Rexford Industrial Realty from a “c+” rating to a “b-” rating in a research note on Thursday, February 1st. Robert W. Baird reaffirmed a “neutral” rating and issued a $61.00 target price (up previously from $53.00) on shares of Rexford Industrial Realty in a research report on Friday, January 5th. Finally, JPMorgan Chase & Co. downgraded Rexford Industrial Realty from an “overweight” rating to a “neutral” rating and set a $55.00 price target on the stock. in a research report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $56.00.

Rexford Industrial Realty Stock Performance

The company has a market cap of $10.73 billion, a PE ratio of 44.54, a P/E/G ratio of 2.26 and a beta of 0.87. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.28. The firm’s 50-day simple moving average is $52.42 and its two-hundred day simple moving average is $51.04.

Rexford Industrial Realty Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Thursday, March 28th will be issued a $0.4175 dividend. This is an increase from Rexford Industrial Realty’s previous quarterly dividend of $0.38. This represents a $1.67 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend is Wednesday, March 27th. Rexford Industrial Realty’s dividend payout ratio is 135.71%.

Insider Activity

In other news, General Counsel David E. Lanzer sold 18,113 shares of the company’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $52.69, for a total value of $954,373.97. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Rexford Industrial Realty

A number of large investors have recently added to or reduced their stakes in REXR. Quadrature Capital Ltd acquired a new position in Rexford Industrial Realty during the fourth quarter worth about $1,312,000. PNC Financial Services Group Inc. increased its stake in shares of Rexford Industrial Realty by 63.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 12,797 shares of the real estate investment trust’s stock worth $718,000 after acquiring an additional 4,954 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Rexford Industrial Realty by 4.5% in the 4th quarter. Vanguard Group Inc. now owns 28,981,854 shares of the real estate investment trust’s stock worth $1,625,882,000 after acquiring an additional 1,235,894 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Rexford Industrial Realty by 20.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 943,539 shares of the real estate investment trust’s stock worth $52,933,000 after acquiring an additional 158,431 shares during the last quarter. Finally, Napa Wealth Management acquired a new stake in shares of Rexford Industrial Realty during the 4th quarter worth about $298,000. 99.52% of the stock is currently owned by institutional investors and hedge funds.

About Rexford Industrial Realty

Rexford Industrial creates value by investing in, operating and redeveloping industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand with lowest-supply major market in the nation. The Company's highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities.